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Visakhapatnam: Steel Plant staff to get pension

Visakhapatnam: Steel Plant staff to get pensionCITU State president Ch Narasinga Rao briefing about the RINL pension scheme at a press conference in Visakhapatnam on Monday
Highlights

The management of Rashtriya Ispat Nigam Limited agrees to provide pension to the Steel Plant employees after talks held with the recognised trade union CITU.

Under the pension scheme, thousands of workers in the plant will be benefited.

The management also agrees to pay six per cent of the basic salary from 2012 for the pension scheme

Visakhapatnam: CITU State president Ch Narasinga Rao announced that the Steel Plant recognised trade union CITU and the management of Rashtriya Ispat Nigam Limited has agreed to provide pension to the employees. It is for the first time that the management after the recognised trade union restless efforts agreed to provide pension to the employees of the plant, he added.

Addressing a press conference here on Monday, Narasinga Rao said that during the discussions with the RINL management, several issues were settled and the pension scheme was one of the biggest achievements of the union.

The management has agreed to pay six per cent of the basic salary from 2012 that is Rs 600 crore for the pension scheme. With the help of the funds, the workers would get pension after the completion of the service, he added.

Even the Central government cancelled old pension schemes and cheating the staff with the new pension scheme, the RINL management agreed with the proposal of the recognised trade union and introducing the pension scheme. With the pension scheme thousands of workers would be benefited, he said. Meanwhile, the management has also agreed to hike the festival advance from Rs 5,000 to 12,000, Narasinga Rao said.

The management has also agreed to provide additional facilities in the canteens in nights. With this the night shift workers would get a big relief, he added.

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